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HomeMy WebLinkAbout#15 - EDA 2023-2024 Work PlanSTAFF REPORT DATE: February 21, 2023 REGULAR AGENDA ITEM: 2023-2024 Lake Elmo Economic Development Authority Work Plan TO: Mayor and City Council SUBMITTED BY: Kristina Handt, City Administrator BACKGROUND: The city council last approved the 2022-2024 EDA work plan in March 2022. The EDA met on November 15, 2022 to update it for 2023-2024. ISSUE BEFORE COMMITTEE: Should Council approve the 2023-2024 EDA Work Plan? PROPOSAL DETAILS/ANALYSIS: There were minor changes to the work plan from the one approved by council last year. First, the EDA would like to continue the BRE efforts into 2023. In 2022 they were able to reach a number of businesses in the Old Village and began contacting those south of 10th St between Inwood and Keats. More time is needed to reach out to businesses in all areas of the city. An interim report on their efforts and feedback will be supplied to the Council in the near future. The second change was to the second action step under goal 2. Rather than the city engaging a consultant to conduct a labor study. We will look to get information from the one Washington County CDA is undertaking this year with their consultant. In their study they are breaking up the county into 3 sections and Lake Elmo will be part of the middle section. FISCAL IMPACT: Most of the items initially can be completed with staff and commissioner time. RECOMMENDATION: “Motion to approve the 2023-2024 Lake Elmo EDA Work Plan” ATTACHMENT: • 2023-2024 Lake Elmo Economic Development Work Plan 11/15/2022 1 2023 – 2024 Lake Elmo EDA Economic Development Work Plan Lake Elmo EDA Mission The Lake Elmo Economic Development Authority (EDA) is committed to preserving and enhancing our community by creating an attractive business climate and listening to businesses and residents to prepare for the economy of tomorrow. Goals 1. Develop strong relationships with existing businesses and explore options for a Business Retention and Expansion (B,R&E) Visitation Program 2. Develop data (talent availability, business types, demographic information) 3. Increase the number of commercial and industrial business 4. Develop and maintain sense of place and create new positive community perception Planning Process The purpose of this document is to serve as the Lake Elmo EDA 2023 Economic Development Strategic Plan with a planning horizon through 2024. Strengths, Weaknesses, Opportunities and Threats / 2040 Comp Plan To assist in the EDA’s discussion and to help achieve the goals and action steps identified within this plan, a summary of the July 21, 2021 group discussion on Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis and also includes maps from the 2040 Comprehensive Plan Update is included as Attachment A. 11/15/2022 2 Goals/Action Steps/Deliverables 1. Develop strong relationships with existing businesses and explore options for a Business Retention and Expansion (B,R&E) Program. Action Step: City and Washington County CDA staff will research and explore options for a business retention and expansion visitation program. Staff will: 1) work to create a list for possible businesses to visit, 2) develop and recommend a proposed program structure including timing, 3) create a draft business survey and 4) discuss the potential interview process and overall program operations including reporting the survey results. Recommendations will be brought to the EDA for consideration, input and discussion. Deliverables: Staff will be providing potential program options to EDA for discussion and consideration. This began in the fourth quarter of 2021, continued in 2022 and is expected to continue into 2023 as well. 2. Develop data (including talent availability, business types, demographic data) Action Step: City staff with assistance from Washington County CDA staff and DEED will provide community demographic information (including but not limited to: talent availability, business types, community profile, demographic data). Action Step: Washington County CDA will hire a consultant in 2023 to undertake a labor market study throughout the county. Lake Elmo will be included in the middle region plan. Once completed, results will be reported back to the EDA Board. Action Step: City staff with assistance from the Washington County CDA will explore options to obtain resident input through a survey and then report back to the EDA Board. Deliverables: The labor market study and demographic/data study update will begin in 2023 or sooner contingent on available funding. 3. Increase the number of commercial and industrial businesses Action Step: City staff with the assistance of CDA staff will explore opportunities to attract new businesses into the city. Updates to the EDA may include maintaining a list and periodic reports of commercial and industrial projects that are in the planning process, under construction and recently completed. Action Step: City staff will showcase more economic development stories and business updates on the EDA website the CDA’s website as well as in the City’s Newsletter. 11/15/2022 3 Action Step: A community asset and resources list will begin to be developed in 2024 and will be maintained on an ongoing basis. Action Step: City staff with the assistance of CDA staff will meet with interested property owners, site selectors, commercial realtors, developers on an ongoing basis to promote development opportunities. Deliverables: Staff will explore options to update the EDA’s web presence including, considerations for a potential web platform, adding an inventory of available land and buildings, listing available business resources and developing a digital marketing plan and materials {digital rollout} for business recruitment, expansions and retention. This will begin in the first quarter of 2024 and will be ongoing. Recommendations will be provided to the EDA members on a regular basis for discussion and input. Deliverables: Staff will attend events attended by commercial realtors, developers and site selectors. This began in the second quarter of 2021 and will be ongoing. 11/15/2022 4 Attachment A 2040 Lake Elmo Comprehensive Plan Map Strengths, Weaknesses, Opportunities, Threats Group Discussion 11/15/2022 5 11/15/2022 6 Strengths, Weaknesses, Opportunity, Threats Discussion Lake Elmo EDA July 21, 2021 Strengths Opportunities Available land (zoned, open, transportation) Demand for warehouse and industrial Low tax base Shift in workplace/telecommuting Large residential base (high incomes) Broadband Educated talent pool Downtown Central geographic location Partner with County Highway 36 & I-94 Survey small businesses Interest in development Airport Flexible zoning Neighboring communities Quality of life Imation (4 Front) Excellent schools Recreation opportunities Truck/trailer parking Weaknesses Threats Infrastructure availability Competition neighbor communities Neighboring communities New workforce (post pandemic) Perception (not business friendly) Social unrest Small city (talented city staff) Economic future Conflicting goals Wisconsin Clean energy Perception of the past Economic incentives Resources for businesses Data on talent availability Unknowns (Met Council) Education/training Transit